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We are living in an era of information technology that has been radically transformed by the advent of digital technology as it has shaped the way we communicate. Digital communication, wherein any information transmission largely takes place in the form of data, has deeply entrenched the realm of healthcare. Electronic health records (EHRs) that electronically store all medical data have revolutionized the way care is delivered by making information more accessible and easily transferable.

The healthcare industry, needless to say, has become very efficient at collecting data- be it electronic health records, lab information systems, claims and more. All the incoming data has created a massive reservoir of clinical and financial information- enough to drive considerable healthcare improvement.

The amount of data is just increasing. In fact, the amount of electronic data that exists today is massive and is growing at a rapid rate – more than 2.7 zettabytes (that’s a 1 with 21 zeroes after it) of data exist today. This is projected to grow to 67 times that number in less than two decades. The way to manage this volume of data? – big data technology. With data is the ‘new oil’ being the mantra of leaders today, big data and analytics are all set to drive the next evolutionary jump of healthcare and business as we know it.

Numbers. It’s all in the numbers. As of 2017, the amount of information is growing much more rapidly than our understanding of what to do with it, or our ability to differentiate the useful information from the rest. On the other hand, the inflated health care costs in the U.S. are showing no clear signs of decline. So, we should be directing our focus towards smarter, data-driven solutions or more simply analytics, which will make the job of doctors a lot easier and manage the skyrocketing costs that come in the way of providing quality care to the population they serve. Digitized health information holds the potential to reduce treatment costs, avoid preventable diseases, and improve the quality of life in general. The sooner we optimize its utility, the better will be the care of the patients.

A patient’s expectation, whether in a city or an extremely remote area, from the doctors and hospital staff, is the same and it goes without saying that this recipient of health care services deserves to get what he/she needs; to be treated with best quality medicine, less time-consuming procedure and least costly treatment. Coupled with this, the one who is suffering wants the complete attention of the doctor, nurses and care team while being entitled to stay fully informed about his/her health condition. What this means is, the experience of care for any patient is of utmost importance.

I think it’s clear that over the last few years, the Centers for Medicare and Medicaid Services (CMS) has been changing the way healthcare is being perceived and delivered in the U.S. From a system that worked on increasing revenue by increasing volume to a system that rewarded providers for improving quality of care, CMS has been instrumental in accelerating value-based care. However around a week ago, the future of value-based care stood at crossroads.